HDFC
The Housing Development Finance Corporation (HDFC) was an Indian non-banking financial company (NBFC) and the country's largest housing finance institution, founded on October 17, 1977, by Hasmukh T. Parekh to address the acute shortage of long-term finance for affordable housing in India.[1] As the first specialized mortgage company in the nation, HDFC mobilized resources from individual investors and institutions to disburse home loans, pioneering innovations such as variable interest rate loans and online loan applications while maintaining an 'AAA' rating for its deposits for over 25 years.[1] Over its four-decade history, it disbursed trillions in loans, supported the establishment of the National Housing Bank in 1987, and extended technical assistance for housing finance systems in countries like Bangladesh, Sri Lanka, and Egypt.[1] HDFC's mission centered on customer-centric services built on trust and transparency, evolving from a pure housing lender into a diversified financial entity offering products like loans against property and non-housing finance options.[1] It became India's largest mobilizer of retail deposits outside the banking sector, with a network spanning over 500 offices and international presence in locations such as London, Dubai, and Singapore.[1] The corporation played a pivotal role in promoting homeownership among middle-class Indians, addressing systemic gaps in the housing market that existed post-independence.[2] In April 2022, HDFC announced its merger with its majority-owned subsidiary, HDFC Bank—India's largest private-sector bank—to create a unified financial services powerhouse, with the merger becoming effective on July 1, 2023, marking the largest corporate merger in Indian history valued at approximately US$40 billion.[3] The all-stock transaction involved HDFC Bank issuing 42 new shares for every 25 HDFC shares held, resulting in a combined entity with assets exceeding US$300 billion, enhanced lending capacity, and an integrated ecosystem of banking, insurance, and investment services for customers.[3] Post-merger, HDFC's housing finance operations continue under the HDFC Bank umbrella, solidifying its position as a global top-10 bank by market capitalization while eliminating any single promoter group.[3]Overview
Founding and Mission
Housing Development Finance Corporation (HDFC) was incorporated on October 17, 1977, as a public limited company in Mumbai, India, becoming the country's first specialized housing finance institution.[2][4] It was founded by Hasmukh Thakordas Parekh (H.T. Parekh), a veteran banker and former deputy chairman of the Industrial Credit and Investment Corporation of India (ICICI), with promotion from ICICI, the International Finance Corporation (IFC) of Washington, the Industrial Development Bank of India (IDBI), and His Royal Highness The Aga Khan.[2][5] H.T. Parekh envisioned HDFC as a development finance entity to catalyze private investment in housing, drawing inspiration from global models like the U.S. Federal National Mortgage Association.[2] The core mission of HDFC was to provide long-term, affordable finance for housing to mitigate India's severe urban housing shortage, which affected millions in the post-independence era.[2] This initiative targeted middle-income families and first-time homebuyers, who were underserved by traditional banking due to high interest rates and short-term loans. HDFC pioneered retail mortgage lending, offering fixed-rate home loans to individuals as well as financing to developers for constructing affordable residential projects in urban centers.[2] By emphasizing prudent lending practices and mobilizing domestic savings, HDFC aimed to promote home ownership as a pathway to social stability and economic growth.[2] HDFC's early capital structure was supported by an initial corpus raised from its promoters and the first public issue of equity shares in 1978, totaling ₹10 crore.[2][6] Operations commenced swiftly, with the first home loan disbursed in 1978 to Mr. D.B. Remedios in Mumbai, focusing on middle-income urban households seeking to purchase or build homes.[2] This marked the start of HDFC's commitment to direct retail lending, prioritizing creditworthy borrowers in metropolitan areas to build a sustainable portfolio. Key early milestones included the rapid establishment of a branch network across major Indian cities by the 1980s, enabling wider access to housing finance in regions like Delhi, Kolkata, and Chennai.[2] By 1984, HDFC's annual loan approvals surpassed ₹100 crore, reflecting strong demand and effective execution of its mission amid growing urbanization.[2] These developments solidified HDFC's role as a pioneer in transforming India's housing finance landscape.Merger with HDFC Bank
In April 2022, HDFC Limited and its subsidiary HDFC Bank announced an all-stock merger valued at approximately $40 billion, marking the largest corporate merger in Indian history.[7] The transaction aimed to integrate HDFC's extensive housing finance operations with HDFC Bank's banking infrastructure, forming a unified entity capable of offering comprehensive financial services. This move was driven by the strategic need to streamline operations and capitalize on synergies between the two organizations, which had previously operated as separate entities despite HDFC's majority ownership of the bank.[8] The merger became effective on July 1, 2023, with July 13, 2023, designated as the record date for share exchanges. Under the agreed swap ratio, HDFC shareholders received 42 fully paid-up shares of HDFC Bank for every 25 shares of HDFC held, ensuring a seamless transfer of ownership. The primary rationale was to establish a full-service financial powerhouse that leverages HDFC's housing finance expertise alongside HDFC Bank's retail and corporate banking scale, thereby enhancing overall lending capacity to around ₹24 lakh crore and enabling the provision of integrated products like home loans bundled with deposits and insurance.[3][9][10] The deal secured necessary regulatory approvals from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the National Company Law Tribunal (NCLT), with the NCLT granting final sanction in March 2023. Following the merger's completion, HDFC Bank emerged as the parent entity, fully integrating HDFC's housing finance arm and absorbing its assets, liabilities, and customer base of over 12 million borrowers. This structure positioned the combined organization to operate more efficiently under a single regulatory framework for banking and non-banking financial activities.[11][8] Immediately after the merger, HDFC Bank's market capitalization exceeded $150 billion by mid-2023, briefly ranking it as the world's seventh-largest bank by market value and solidifying its status as India's most valuable lender. By 2025, the entity had maintained a position among the top 15 global banks by market capitalization, with a value approaching $190 billion, reflecting the merger's role in scaling its competitive footprint in both domestic and international markets.[12][13]History
Incorporation and Early Development (1977-1990s)
Housing Development Finance Corporation (HDFC) was incorporated on October 17, 1977, as a public limited company in Mumbai, promoted by the Industrial Credit and Investment Corporation of India (ICICI) to address the housing finance needs of middle- and low-income families in India. H.T. Parekh served as the founding chairman, leading an initial board that included representatives from financial institutions such as the International Finance Corporation and the Aga Khan Fund for Economic Development. Operations commenced on December 3, 1977, with headquarters established in Mumbai, and the first branch opened there in 1978, marking the start of disbursements with the inaugural home loan of ₹30,000 approved at a fixed interest rate of 10.5%.[14][2][15] In its early years, HDFC focused on building a robust operational framework amid a nascent housing finance sector, disbursing loans primarily for home purchases and construction while expanding its reach. By 1984, annual loan approvals had surpassed ₹100 crore, reflecting steady growth in a market limited by scarce institutional funding. The corporation installed its first computer system at the Mumbai headquarters in 1981 to streamline processing, and by 1986, loan approvals extended to over 1,000 towns across India through an expanding network of branches. Cumulative loan approvals exceeded ₹1,000 crore by 1988, supported by international funding such as a US$20 million borrowing under a US$30 million guarantee program from the United States Agency for International Development in 1981 and a US$20 million agreement in 1984.[2][14] HDFC introduced several innovative products to mobilize resources and cater to diverse borrower needs during this period. In 1979, it launched the Certificate of Deposit Scheme to attract public savings, followed by the Loan Linked Deposit Scheme in 1980, which allowed small savers to build deposits starting at ₹200 and access loans up to four times their savings after three years at preferential rates. The Home Savings Plan, modeled on Germany's Bausparkasse system, was rolled out in 1985 to encourage systematic saving for housing. In 1989, HDFC expanded its offerings with Home Improvement and Extension Loans to support upgrades for existing homeowners. Additionally, it partnered with the government on slum redevelopment efforts, sanctioning loans to cooperative housing societies for slum dwellers in 1990, and collaborated internationally, such as securing a DM 25 million line of credit from Kreditanstalt für Wiederaufbau of Germany in 1989 for low-cost housing projects. A key milestone was the 1983 issuance of ₹10 crore in bonds to bolster funding, contributing to cumulative public resource mobilization that reached significant scales by the early 1990s.[14][2] The 1980s presented challenges including high prevailing interest rates in India's controlled financial environment, which ranged from 12% to 15% for housing loans, and limited access to low-cost funds for long-term lending. Regulatory developments, such as the National Housing Bank Act of 1987 establishing the apex regulator for housing finance, introduced oversight that HDFC navigated by contributing expertise—its executives assisted the Government of India in setting up the National Housing Bank in 1987. In response, HDFC innovated with fixed-rate loan structures from its inception, providing stability to borrowers amid fluctuating rates, and diversified funding through public deposits and bonds to mitigate dependency on high-cost borrowings. These strategies enabled sustained growth despite the hurdles of a developing market with underdeveloped infrastructure for housing finance.[2][14][16]Expansion and Diversification (2000s-2022)
In the early 2000s, HDFC built upon its foundational focus on housing finance by diversifying into complementary sectors, starting with a significant entry into the insurance market through the establishment of HDFC Standard Life Insurance Company Limited in 2000 as a joint venture with Standard Life.[17] This marked HDFC's first foray into life insurance, offering individual and group plans to address protection and savings needs, and it quickly expanded to include pension, investment, and health products across India. In 2016, HDFC formed a joint venture with ERGO International (Munich Re Group) to launch HDFC ERGO General Insurance in 2017, further broadening its insurance portfolio to include health, motor, and property coverage.[17] Concurrently, HDFC maintained a substantial equity stake in its subsidiary HDFC Bank, which had gone public via an IPO in 1995 and listed American Depositary Shares on the New York Stock Exchange in 2001, enabling broader access to capital markets and supporting mutual growth in retail banking services. Product innovation drove further expansion, with the introduction of home equity loans in 2000 to provide borrowers access to funds against existing property assets, followed by the launch of loans against property in subsequent years to cater to business and personal financing needs.[18] By 2008, HDFC extended its reach into rural markets with dedicated initiatives for affordable housing finance, and in 2010, it intensified efforts in rural housing loans to support underserved segments, aligning with national priorities for inclusive growth.[18] These developments contributed to robust scale, with HDFC's outstanding loan portfolio surpassing ₹5.7 lakh crore (₹5,69,894 crore) as of March 2022, reflecting cumulative growth in housing and related disbursements.[19] International expansion complemented domestic efforts, with HDFC opening its first overseas office in Dubai, UAE, in 1996 and adding representative offices in London, UK, in 2002 and Singapore by 2007; by 2010, it had established a presence in the US through a New York representative office to facilitate NRI services.[2] These ventures focused on remittances and tailored financial products for non-resident Indians (NRIs), which accounted for approximately 10% of HDFC's overall business by the mid-2010s, driven by demand for home loans and fund transfers.[20] Regulatory adaptations and prudent risk management were pivotal during this period. In response to the 2008 global financial crisis, HDFC adopted a conservative lending approach, emphasizing credit quality and maintaining gross non-performing assets (NPAs) below 1%, which insulated it from significant distress compared to global peers.[21] Around 2010, HDFC aligned with evolving norms under the National Housing Bank (NHB), transitioning aspects of its operations toward non-banking financial company (NBFC) frameworks to enhance flexibility in funding and compliance.[22] Key strategic moves included acquiring a stake in Zurich Asset Management Company in 2003 to bolster its mutual fund offerings through HDFC Asset Management Company, with further consolidation in the sector by 2013 via the acquisition of Morgan Stanley Mutual Fund's schemes.[18] Digital transformation accelerated in the 2010s, with HDFC introducing online loan applications by 2015 to streamline access for customers, reducing processing times and enabling end-to-end digital submissions for home loans and other products.[23] This initiative, combined with mobile platforms, enhanced customer reach and efficiency, positioning HDFC as a leader in tech-enabled housing finance amid rising digital adoption in India.Products and Services
Housing Finance Offerings
HDFC's housing finance offerings centered on providing accessible mortgage solutions to individual borrowers, emphasizing long-term homeownership for salaried and self-employed professionals across urban and semi-urban India. As India's pioneering housing finance institution, HDFC developed a range of products tailored to different stages of property acquisition and improvement, with flexible eligibility criteria based on income, age, and creditworthiness. These offerings evolved from basic home loans in the late 1970s to more sophisticated options incorporating government subsidies and sustainability features by the early 2020s, all prior to the 2023 merger with HDFC Bank.[24] The core products included home purchase loans, which financed up to 90% of the property value (loan-to-value or LTV ratio) for eligible buyers, enabling significant leverage for first-time homeowners. Home extension and improvement loans allowed existing borrowers to fund renovations or additions, typically covering 75-90% of the estimated cost, while plot loans supported land acquisition for future construction, with financing up to 70-80% of the plot value. Interest rates for these products ranged from approximately 8.5% to 9.5% per annum as of 2022, linked to HDFC's retail prime lending rate and varying by borrower profile and loan quantum.[25][26][27][28] Specialized schemes addressed underserved segments, such as Pradhan Mantri Awas Yojana (PMAY)-linked affordable housing loans, which provided interest subsidies under the Credit Linked Subsidy Scheme (CLSS) to reduce the effective borrowing cost to below 8% for eligible low- and middle-income groups, with maximum subsidies of up to ₹2.67 lakh over 20 years. For non-resident Indians (NRIs), dedicated home loans offered up to 80-90% LTV with repayment flexibility, including options to service EMIs from foreign currency accounts like NRE or FCNR to mitigate exchange rate risks.[29][30][31] By March 2023, HDFC had cumulatively financed over 10 million housing units, reflecting its dominant market position in retail housing finance. This scale underscored the institution's role in democratizing homeownership, with a pre-merger loan portfolio exceeding ₹6 lakh crore dedicated to individual housing.[32] The underwriting process relied on proprietary credit scoring models that prioritized income stability and repayment capacity, alongside CIBIL scores (ideally 750 or above) and employment history, to assess risk. Loans typically featured average tenures of 15-20 years, balancing affordability with prudent debt servicing ratios not exceeding 50-60% of net monthly income.[33][34] Key innovations included the introduction of fixed versus floating rate options in the 1990s, allowing borrowers to choose between rate certainty (at a premium) and market-linked adjustments tied to HDFC's reference rates. By 2020, HDFC launched green housing loans for eco-friendly projects, disbursing over ₹14,000 crore to buyers in 310 certified green buildings, promoting sustainable construction with concessional terms. Post-merger, these offerings integrated with HDFC Bank's broader retail banking ecosystem for enhanced digital processing.[18][35][36]Insurance and Investment Products
HDFC has diversified beyond housing finance into insurance and investment products through strategic joint ventures and subsidiaries, offering a range of solutions to meet customer needs for protection, savings, and wealth growth. These products leverage HDFC's extensive customer base, primarily drawn from its housing loan portfolio, to provide bundled offerings that enhance financial security.[37] HDFC Life Insurance Company Limited, established in 2000 as a joint venture between HDFC Limited and Abrdn (formerly Standard Life Aberdeen), provides comprehensive life insurance solutions including term plans for pure protection, unit-linked insurance plans (ULIPs) combining insurance with market-linked investments, and pension products for retirement planning.[37][38] The company offers over 60 individual and group products, such as savings plans, annuities, and health riders, catering to diverse life stages and risk profiles. By FY2024, HDFC Life had secured more than 66 million lives through its policies, reflecting strong penetration via a network of over 300 distribution partners including banks and agents.[37][39] In the general insurance segment, HDFC ERGO General Insurance Company Limited, formed in 2002 as a joint venture between HDFC and ERGO International (part of the Munich Re Group), delivers non-life coverage across key areas like health, motor, property, travel, home, and personal accident insurance.[40][41] Its product suite includes comprehensive health plans with hospitalization benefits and motor policies for vehicles, emphasizing affordability and extensive hospital networks exceeding 16,000 facilities. In FY2024, HDFC ERGO reported gross direct premiums of ₹18,568 crore, underscoring its scale in the competitive non-life market with a claim settlement ratio of approximately 99%.[42] HDFC Asset Management Company Limited (HDFC AMC) manages the HDFC Mutual Fund, offering a diversified portfolio of equity, debt, and hybrid funds to support long-term wealth creation. With around 85 schemes, including popular equity funds like HDFC Flexi Cap and debt options for stable returns, it caters to varying investor appetites from conservative to aggressive. As of March 31, 2025, HDFC AMC's assets under management (AUM) stood at over ₹7.54 lakh crore, serving 14.5 million unique investors and 26 million live folios by October 2025.[43][44] Complementing these, HDFC provides other investment avenues such as fixed deposits through HDFC Bank, offering interest rates ranging from 3.25% to 7.10% per annum for tenures up to 10 years (higher for senior citizens), ensuring low-risk, guaranteed returns. Additionally, HDFC Pension Fund Management Limited operates under the National Pension System (NPS), managing schemes like Scheme E (equity-focused) and Scheme G (government securities), alongside HDFC Life's retirement plans like the Smart Pension Plan for annuities and guaranteed income post-retirement. These products are distributed synergistically, often bundled with housing loans to reach over 10 million customers, utilizing HDFC's bancassurance channels and branch network for seamless access.[45][46][47][48]Operations
Domestic Network and Reach
Following the merger of HDFC Ltd. into HDFC Bank effective July 1, 2023, HDFC's housing finance operations are integrated into HDFC Bank's extensive domestic network in India. As of September 30, 2025, this comprises 9,545 branches and 21,417 ATMs across 4,156 cities and towns, including former HDFC outlets and sales offices, enabling broad access to customers nationwide.[49] The network is concentrated in metropolitan hubs such as Mumbai, HDFC Bank's headquarters, and extends to Tier-2 and rural cities to support housing finance operations effectively. This infrastructure facilitates personalized services for home loan processing and disbursements, ensuring geographical coverage for urban, semi-urban, and rural borrowers.[50] Complementing its physical presence, HDFC Bank has developed robust digital channels to enhance customer accessibility for housing finance. The online portal and mobile application allow users to apply for home loans, track status, and manage accounts. As of fiscal year 2023 (pre-merger), approximately 94% of new HDFC loan applications were processed digitally; post-merger, the bank continues to emphasize technology-driven services to streamline operations and reduce processing times.[51] HDFC Bank's customer base exceeds 97 million as of August 2025, with the housing finance segment targeting the urban and growing middle-class with tailored solutions. The bank extends its reach through partnerships with thousands of real estate developers, approving over 57,000 properties across major cities as of 2025 to facilitate financing for homebuyers. This approach integrates developer insights with expertise in appraisals and funding, supporting projects from affordable housing to premium developments.[52][53] To bolster operational efficiency, HDFC Bank operates support facilities including a dedicated training center in Lonavala, Maharashtra, for employee development in housing finance and customer service. Round-the-clock customer support is provided via 24/7 call centers, accessible through toll-free numbers like 1800 210 0018. These facilities serve over 220,000 employees as of September 2025, underscoring commitment to high service standards in domestic operations.[54][50][55] HDFC Bank adapts housing offerings to regional variations in India, with products for higher rural penetration in southern states through affordable schemes, while emphasizing urban solutions in northern regions to align with local dynamics.[56]International Presence
Following the 2023 merger, HDFC's international operations continue under HDFC Bank to support Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) in accessing housing finance for properties in India. As of 2025, HDFC Bank operates representative offices and branches in London and Leicester (UK), Singapore, Hong Kong, Dubai and Abu Dhabi (UAE), Bahrain, Qatar, and Kenya, serving as hubs for loan processing, financial counseling, and regulatory guidance. These are complemented by NRI access points and service associates across the Middle East and other regions, addressing the needs of the global Indian diaspora without full retail branches abroad.[57][58] The primary services focus on NRI home loans for purchasing, construction, or renovation of properties in India from approved developers, along with forex advisory for currency conversions and repatriation compliance. In the UK, offices emphasize property finance advisory; Singapore supports Southeast Asian NRIs; and UAE offices, including Dubai, serve Gulf clients via local associates. By 2025, these operations contribute significantly to the bank's NRI housing portfolio.[20] HDFC Bank maintains partnerships with regional banks in the Middle East for loan verification and remittances, enhancing access in high-expatriate areas like UAE and Saudi Arabia. Operations comply with India's Foreign Exchange Management Act (FEMA) for NRI investments and reporting. Post-2008 crisis and merger, the bank prioritizes low-risk NRI lending, focusing on salaried professionals with conservative underwriting for portfolio stability. This international footprint builds on the domestic foundation to meet global demand for Indian homeownership.[59]Corporate Structure
Subsidiaries and Associates
Prior to the merger with HDFC Bank effective July 1, 2023, HDFC held a significant 26% stake in HDFC Bank, serving as its promoter and providing strategic banking synergies through cross-selling opportunities and integrated financial services.[3] Post-merger, this stake was fully integrated, with HDFC Bank emerging as the surviving entity and absorbing HDFC's operations, while retaining oversight of key group companies.[3] HDFC's primary subsidiaries and associates encompassed a diverse range of financial services, focusing on insurance, asset management, and specialized lending. HDFC Life Insurance Company Limited, in which HDFC held a 50.5% stake pre-merger (now approximately 50.3% held by HDFC Bank as of September 2025),[60] operates as one of India's leading life insurers, offering individual and group life insurance products with a customer base exceeding 40 million policyholders as of 2023. HDFC ERGO General Insurance Company Limited, with a similar 50.5% pre-merger stake (now 50.33% as of June 2025),[61] provides general insurance solutions including health, motor, and property coverage, managing over 1 crore policies as of 2023. HDFC Asset Management Company Limited (HDFC AMC), where HDFC maintained a 52% stake pre-merger (now 52.42% as of September 2025),[62] functions as the investment manager for HDFC Mutual Fund, overseeing assets under management of approximately ₹9.35 lakh crore as of October 2025[63] and featuring top-ranked equity and debt funds based on performance metrics from leading rating agencies. These entities contributed to HDFC's diversified portfolio, with the post-merger structure allowing HDFC Bank to consolidate control under a unified governance framework. Among former entities, GRUH Finance Limited, a wholly-owned subsidiary focused on affordable housing loans, was merged into Bandhan Bank in October 2019 following regulatory approvals. The divestment was driven by RBI directives requiring promoter groups to limit exposure to a single entity in overlapping sectors like housing finance, thereby resolving potential conflicts of interest between HDFC and GRUH.[64][65] Similarly, HDFC Credila Financial Services Limited, specializing in education loans and previously a subsidiary, saw HDFC divest approximately 90% of its stake in June 2023 to a consortium of private equity investors including BPEA EQT and ChrysCapital, with the transaction completing in March 2024 for ₹9,553 crore. This sale aligned with post-merger strategic rationales to streamline operations, monetize non-core assets, and comply with RBI norms on group entity diversification.[66][67]Leadership and Governance
HDFC was founded in 1977 by Hasmukhbhai Parekh, who served as its first Chairman until 1993, establishing the organization's foundational principles in housing finance.[68] Deepak Parekh succeeded him as Chairman in 1993 and led the company until 2023, overseeing its growth into India's largest housing finance provider while maintaining a focus on prudent financial practices. Keki Mistry joined as Managing Director and CEO in 2000, holding the position until 2023, and played a pivotal role in operational expansion and strategic initiatives during his tenure.[69] Pre-merger, HDFC's Board of Directors consisted of 10 members, including seven non-executive directors and three whole-time directors, with a strong emphasis on independent oversight to ensure balanced decision-making. The board prioritized ethical lending practices, adopting a zero-tolerance policy for corruption and bribery to uphold integrity in all operations. Key governance milestones included the adoption of Clause 49 of the Listing Agreement in 2004, which enhanced corporate governance standards by mandating audit committees, independent directors, and transparent reporting mechanisms.[70] By 2022, HDFC's commitment to social responsibility was evident in its annual CSR expenditure of ₹500 crore, directed toward education, healthcare, and community development initiatives.[71] In preparation for the 2023 merger with HDFC Bank, leadership transitioned smoothly, with Atanu Chakraborty appointed as non-executive Chairman of the merged entity to guide its future direction.[72] To support executive capabilities, HDFC maintained dedicated training programs at its Lonavala center, fostering professional development through workshops and strategic sessions for key personnel.[54]Financial Performance
Pre-Merger Metrics
Prior to its merger with HDFC Bank in July 2023, HDFC Limited exhibited consistent growth in its financial and operational metrics, driven by expansion in housing finance disbursements and a stable macroeconomic environment in India. From FY2021 to FY2023, consolidated revenue grew from ₹1,35,968 crore to ₹1,52,998 crore, reflecting a compound annual growth rate (CAGR) of approximately 6% over the period, while standalone net profit increased from ₹13,742 crore in FY2022 to ₹16,239 crore in FY2023, supported by higher interest income and controlled operating expenses.[73] The loan book expanded steadily, reaching ₹6,08,363 crore on a standalone basis by March 2023, up from ₹5,68,363 crore in FY2022, underscoring HDFC's role as India's largest housing finance provider with a focus on long-term retail lending.[73]| Metric | Value (FY2023) | Notes/Growth Context |
|---|---|---|
| Consolidated Revenue | ₹1,52,998 crore (US$18.4 billion) | Up 12.6% YoY from FY2022; driven by interest on loans (₹54,997 crore standalone).[73] |
| Net Profit (Standalone) | ₹16,239 crore | Increased 18% from ₹13,742 crore in FY2022; consolidated net profit ₹27,700 crore.[73] |
| Total Assets | ₹10.9 lakh crore (US$130 billion) | Consolidated; grew 13% YoY, reflecting deposits and borrowings mobilization.[73] |
| Loan Book | ₹7.24 lakh crore | Consolidated AUM; up 10.3% from FY2022, with individual loan disbursements growing 16% in FY2023.[73] |
| Return on Equity (ROE) | 18-20% (historical average) | ROE stood at 12.9% in FY2023 but averaged 18% over FY2018-FY2022 due to efficient capital utilization.[74][75] |
| Gross NPA Ratio | 1.2% | Maintained low asset stress; gross NPAs ₹7,246 crore on standalone basis.[73] |
| Employee Count | 3,226 (as of 2021) | Grew to 4,017 by March 2023, supporting nationwide operations.[73][76] |